Financial News
Turkey's lira rallies vs. the dollar on TuesdayExternal Link

Turkey's beaten-down currency gained on the U.S. dollar early Tuesday, rebounding somewhat from Monday's all-time low against the buck. One dollar recently bought 6.4535 lira, down from 6.8846 late Monday in New York. The greenback is still up sharply against Turkey's currency in August, showing a 31% gain, and it's up 70% on the lira in the year to date.

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Tue, 14 Aug 2018 08:09:10 GMT
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NIO, potential Tesla rival from China, files for $1.8 billion U.S. IPOExternal Link

NIO Inc. , a Chinese startup developing premium all-electric cars, filed for an initial public offering for American depository shares Monday. NIO named a target raise of $1.8 billion, though the target listed on a first filing is typically an estimate used to determine expected fees and is updated with a more solid number in subsequent filings. Reports from earlier this year suggested that NIO had secretly filed for an IPO and was hoping to raise up to $2 billion. The company just began showing revenue this year, reporting $6.7 million in vehicle sales and $7 million in total revenue in the first six months of 2018, when it lost more than $500 million. The company reported a loss of $758.8 million in 2017. NIO has faced many comparisons with Tesla Inc. , especially with its focus on premium electric automobiles, and NIO mentioned Tesla 13 times in its first filing with the Securities and Exchange Commission. The company expects to list its ADS on the New York Stock Exchange under the ticker symbol NIO, and has enlisted Morgan Stanley, Goldman Sachs and JP Morgan as underwriters.

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Mon, 13 Aug 2018 21:32:09 GMT
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Switch stock plunges 19% after earnings miss, lower guidanceExternal Link

Switch Inc. shares plunged 19% in the extended session Monday after the company missed Wall Street earnings estimates and lowered its guidance for the year. The company reported second-quarter net income attributable to Switch of $821,000, or 2 cents a share, compared with $14.9 million, or 7 cents a share, in the year-ago period. Revenue rose to $201.2 million from $92.1 million in the year-ago period. Analysts surveyed by FactSet had estimated earnings of 4 cents a share on revenue of $102.8 million. For the third quarter, analysts expect earnings of 5 cents a share on sales of $110.3 million. Switch said that as a result of several deals closing later than originally anticipated, it was lowering its full year guidance to sales of $405 million to $408 million from $423 million to $440 million. Switch stock has fallen 23% this year, as the S&P 500 index has gained 6%.

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Mon, 13 Aug 2018 20:40:26 GMT
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RH appoints new CFOExternal Link

RH , formerly known as Restoration Hardware, said late Monday that it had appointed Ryno Blignaut president and chief financial and accounting officer. RH stock was down 1.2% in after-hours trading. Blignaut previously served as Xoom CFO when it was acquired by PayPal Inc. The company said current CFO Karen Boone decided to step down to spend more time with her family and will work through a transition period. Blignaut will start in the new role Tuesday. RH rose 5% to $151.62 as the S&P 500 index lost 0.4% during the regular session Monday.

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Mon, 13 Aug 2018 20:19:36 GMT
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Stocks end lower as Turkey currency woes continueExternal Link

U.S. stocks ended lower Monday, pressured as Turkey's currency crisis dampened global investor appetite for equities and other assets perceived as risky. The S&P 500 fell 0.4% to close near 2,821.93, according to preliminary figures, while the Nasdaq Composite lost 0.2% to close near 7,819.71. The Dow Jones Industrial Average shed around 125.44 points, or 0.5%. The energy sector led losses for the S&P 500, falling 1.2% as oil prices fell sharply before ending lower but off of session lows. The materials and financial sectors each fell by 1%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Mon, 13 Aug 2018 20:06:01 GMT
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